19 ETFs vs Index Futures ETFIndex Futures Expense StructureLowCommission cost in rolling position Need to Roll PositionNoYes – hence roll risk Margin Calls from Mark-to-MarketNoYes Margin Accounting ComplexitiesNoneHigh DividendsYesNo Ability to ShortYes Types and VolumeManyLess LeverageNo – but can create leverage by borrowing to buy ETF Yes
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